20,828 Shares in Wells Fargo & Company $WFC Bought by Napa Wealth Management

Key Points

• Napa Wealth Management has acquired 20,828 shares of Wells Fargo & Company, valued at approximately $1,495,000.
• The company recently announced a quarterly dividend increase to $0.45 per share, reflecting a dividend yield of 2.3%.
• Analysts have given Wells Fargo an average rating of "Moderate Buy" with a consensus price target of $81.58.

Napa Wealth Management bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 20,828 shares of the financial services provider's stock, valued at approximately $1,495,000.

Other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in shares of Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Wells Fargo & Company by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock valued at $1,471,259,000 after purchasing an additional 128,207 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the last quarter. Boston Partners increased its holdings in shares of Wells Fargo & Company by 6.2% in the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock valued at $640,616,000 after purchasing an additional 523,107 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Wells Fargo & Company by 10.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock valued at $431,418,000 after purchasing an additional 544,473 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 1.6%

WFC opened at $79.0680 on Friday. Wells Fargo & Company has a twelve month low of $50.22 and a twelve month high of $84.83. The company has a 50-day simple moving average of $79.55 and a 200 day simple moving average of $74.96. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $253.29 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 1.21 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter in the prior year, the business posted $1.33 earnings per share. Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. Analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its board has authorized a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analyst Ratings Changes

Several equities analysts have commented on WFC shares. TD Cowen started coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Bank of America boosted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Finally, Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $81.58.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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